Tag: tech

The Russian government has banned crypto mining in ten regions for a period of six years, according to reporting by the state-owned news agency Tass. Russia has cited the industry’s high power consumption rates as the primary reason behind the ban. Crypto is particularly power-hungry, as mining operations already account for nearly 2.5 percent of US energy use.

This ban takes effect on January 1 and lasts until March 15, 2031. The country’s Council of Ministers has also stated that additional bans may be required in other regions during periods of peak energy demand. It could also go the other way. The ban could be temporarily lifted or altered in certain regions if a government commission examines changes in energy demand and deems it necessary.

Cryptocurrency mining has only been fully legal in Russia since November 1, as the country has had a rocky relationship with the practice. Miners must register with the Ministry of Digital Development and energy consumption limits are continually monitored.

The country banned the use of cryptocurrencies as legal tender back in 2022, but does allow cross-border payments. The latter is largely seen as an attempt by Russia to avoid sanctions in the wake of the invasion of Ukraine.

Russia isn’t the only country to put the kibosh on crypto mining due to the industry’s obscene energy demands. Kosovo outlawed the practice back in 2022 to conserve electricity during an energy crisis. Angola did the same in April of 2024. That country’s law goes a step further and criminalizes crypto mining. Several European countries, like Iceland and Norway, have started to strictly regulate the industry due to energy shortages.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/russia-bans-crypto-mining-in-multiple-regions-citing-energy-concerns-163102174.html?src=rss

The Russian government has banned crypto mining in ten regions for a period of six years, according to reporting by the state-owned news agency Tass. Russia has cited the industry’s high power consumption rates as the primary reason behind the ban. Crypto is particularly power-hungry, as mining operations already account for nearly 2.5 percent of US energy use.

This ban takes effect on January 1 and lasts until March 15, 2031. The country’s Council of Ministers has also stated that additional bans may be required in other regions during periods of peak energy demand. It could also go the other way. The ban could be temporarily lifted or altered in certain regions if a government commission examines changes in energy demand and deems it necessary.

Cryptocurrency mining has only been fully legal in Russia since November 1, as the country has had a rocky relationship with the practice. Miners must register with the Ministry of Digital Development and energy consumption limits are continually monitored.

The country banned the use of cryptocurrencies as legal tender back in 2022, but does allow cross-border payments. The latter is largely seen as an attempt by Russia to avoid sanctions in the wake of the invasion of Ukraine.

Russia isn’t the only country to put the kibosh on crypto mining due to the industry’s obscene energy demands. Kosovo outlawed the practice back in 2022 to conserve electricity during an energy crisis. Angola did the same in April of 2024. That country’s law goes a step further and criminalizes crypto mining. Several European countries, like Iceland and Norway, have started to strictly regulate the industry due to energy shortages.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/russia-bans-crypto-mining-in-multiple-regions-citing-energy-concerns-163102174.html?src=rss

Lilium, a company working on flying taxis that can take off and land vertically, has ceased operations. As TechCrunch notes, German media Gründerszene was the first publication to report that it laid off 1,000 workers a few days ago after it failed to secure more financing to continue its technology’s development. Patrick Nathen, the company’s co-founder, has announced that the company has stopped all operations on LinkedIn. Tagging his co-founders, he said that they can no longer continue working on their “shared belief in greener aviation,” at least under Lilium.

The German company has been testing its VTOL electric air taxis for a while now. Its vehicle took off for the first time for its maiden flight back in 2017, and it completed its first phase of flight tests in 2019. Lilium was able to prove that its VTOL air taxis are capable of flying at speeds of over 100 kilometers per hour, though the Lilium Jet prototype it unveiled in 2019 was supposed to be able go as fast as 300 kmh and to have a range of 300 kilometers. 

Lilium has been struggling financially over the past year, but its CEO reportedly remained optimistic about being able to secure enough funding as recently as last month. Gründerszene said that a small number of people will remain employed to help with liquidation. The company has yet to announce what will happen to its technology and the rest of its assets, but its patent attorney, Fabien Müller, wrote in a post that he’s managing the transition of Lilium’s intellectual property.

This article originally appeared on Engadget at https://www.engadget.com/transportation/flying-taxi-maker-lillium-lays-off-1000-workers-and-ceases-operations-160025593.html?src=rss